Yes. If you have embedded software in the field and it is running on hardware that has not reached its EOL, then you absolutely should be fixing bugs and vulnerabilities, doubly so when that hardware is attached to any kind of network, and triply so when the software talks to some kind of cloud services.
For most products, the customer should have the power decide when that hardware reaches EOL. In other words, it should be illegal (and severely punished) to disable or downgrade devices remotely, whether by abdicating the responsibility to maintain their software or by shutting down network services that those devices require to operate fully.
At the very least, that would prevent the proliferation of pervasive networking features that have no business communicating with anyone except their owners.